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Market Chatter: Toyota Motor Narrows Gap With General Motors in US as Hybrid Sales Grow

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Toyota Motor (TM) is gaining ground on General Motors (GM) in US sales as demand for hybrid vehicles rises, Bloomberg reported Wednesday, citing a forecast from Cox Automotive.

Toyota's US market share is projected to rise to 15.8% within H1, while General Motors' share is forecast to fall to 16.8%, according to the report.

Toyota's electrified vehicle sales, driven largely by hybrids, rose 5.6% through May despite an expected decline in the broader US auto market, benefiting from consumer demand for fuel-efficient vehicles as gasoline prices near $4 per gallon, Bloomberg said.

Toyota and General Motors didn't immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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